\begin{tabular}{lll} Project H (high risk): & Cost of capital =17% & IRR =22% \\ Project M (medium risk): & Cost of capital =15% & IRR =12% \\ Project L (low risk): & Cost of capital =7% & IRR =8% \end{tabular} establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places. %